Digital platforms to drive growth in media and entertainment
India's media and entertainment industry is forecast to touch $34.8 billion by 2021, logging a CAGR of 11.8 per cent in the preceding five years, paced by significant growth in digital platforms that would increasingly draw more eyeballs than competing outreach vehicles. According to EY's report on the industry, released at the FICCI-IIFA Global Business Forum in New York, growth in digital media businesses would far outpace TV, print, radio or music concerts at 26 per cent CAGR between 2016 and 2021. With an economy of $2.3 trillion and expanding at a rate north of 7 per cent, India remains an under-advertised country, compared with OECD economies. Total advertising spends across all segments in India, which stood at $8.18 billion in 2016, will double to $16.7 billion in 2020. While print media and TV together accounted for 76.2 per cent of the total revenue from advertising in 2016, mobile advertising has emerged as the third largest advertising medium. The report, titl...